行业周报：618规则趋向简单直观，或利好具备丰富爆品的宠物品牌-20250518

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The pig price is under pressure due to weak pork consumption as temperatures rise, with the average selling price of live pigs at 14.58 yuan/kg, down 0.21 yuan/kg week-on-week, and down 1.42% [4][15] - The 2025 618 shopping festival features simpler and more direct discount rules, which may benefit pet brands with a rich product line [6][22] - The pig farming sector shows low valuation and potential for recovery, while the pet food sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers [7][24][26] Summary by Sections Weekly Observation - The increase in temperature has led to weaker pork consumption, with a daily average slaughter of 146,400 pigs, down 240 from the previous week [4][15] - The national average price for live pigs is 14.58 yuan/kg, reflecting a decrease of 1.42% [4][15] Weekly Market Performance (May 12-16) - The agricultural index underperformed the market by 0.71 percentage points, with the Shanghai Composite Index up 0.76% and the agricultural index up 0.05% [27][29] - The pet food sector led the gains, with notable increases in stocks such as Ruipubio (+15.98%), Jinhai Biological (+14.24%), and Petty (+13.11%) [27][32] Price Tracking (May 12-16) - The average price of live pigs was 14.61 yuan/kg, down 1.42% from the previous week, while the average price of piglets was 36.23 yuan/kg, down 1.74% [37] - Corn prices increased to 2,467 yuan/ton, up 0.82% week-on-week, while soybean meal prices decreased to 3,124 yuan/ton, down 3.01% [5][21] Key Recommendations - For the pig farming sector, companies such as Muyuan Foods, Wens Foodstuff, and Juxing Agriculture are recommended due to their low valuation and potential recovery [7][24] - In the pet food sector, companies like Guibao Pet, Zhongchong Co., and Petty are recommended as domestic brands are gaining traction [7][26]